Schedules K-2 and K-3 Guidance

Partnerships and S corporations with certain foreign activities have 2 new schedules to file with 2021 returns to report international items for owners. The IRS released FAQs that provide guidance on the new schedules, including transition relief because this is the first year the schedules are required (see questions #14 and #15 in the FAQs). #IdeaoftheDay